Attijari Global Research's (AGR) "Weekly Hebdo Taux-Fixed Income" note, which covers the period from July 1st to July 7th, 2022, is summarized in a few key points.

From July 1st to July 7th, the money market maintained its current balance thanks to Bank Al-Maghrib and the dynamism of the Treasury's investments. Weekly injections through 7-day advances have decreased from 1.6 billion dirhams (BHD) to more than 45 BHD at the end of this week. The liquidity deficit widened at the end of May 2022 by more than 11 MMDH in one year to 79.2 MMDH.

Regarding the bond market, it should be noted that the demand amounts to 2.2 MMDH. As a consequence, the Treasury did not record any subscription during the 2nd auction session of July. The reason for this is that the Treasury does not want to mark up the Primary Rates. The variations of (-4PBS) to (+8 PBS) that the secondary rates of return have known constitute a motive justifying this absence.